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VIJAYAM JUNIOR COLLEGE

III TERMINAL COMMERCE JUNIOR MEC

Time: 3 Hours] DATE:06-12-18 [Max. Marks: 100

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I Answer any TWO of the following questions not exceeding 40 lines each. 2 X 10 = 20

1. What do you mean by sole trading business? Discuss its merits and demerits.
2. What are the contents of Partnership Deed.
3. Explain the advantages and disadvantages of partnership firm.
II. Answer any FOUR of the following questions, not exceeding 20 lines each. 4 X 5 = 20

4. Explain the characteristics of sole trade.

5. State the rights of a partner.
6. Define MSMEs and Explain their significance.
7. Define MNCs. Explain their features.
8. Explain the advantages of MNCs.
9. What are the benefits of E-Business to the customers and organization..
III Answer any FIVE of the following questions, not exceeding 5 lines each. 5 X 2 = 10
10. Active partner 11. Dissolution of the partnership 12. Two duties of partners.
13. E- Banking 14. E-Auctioning 15. LPG 16. FDI 17. Globalisation
IV. Answer any TWO of the following questions. 2 X 5 = 10
18. What is the concept of accounting? Describe the major concepts in the accounting.
19. Explain the Double Entry System and its advantages
20. Prepare Ramesh a/c from the following Transactions.

2014 Rs.
Jan 1 Balance due to Ramesh 4,500
5 Purchased goods from Ramesh for cash 1,000
10 Bought goods from Ramesh 2,000
15 Goods returned to Ramesh 200
20 Cash paid to Ramesh 2,000
25 Cash purchases from Ramesh 2,000
28 Credit purchases from Ramesh 1,000
31 Settled Ramesh Account with a cheque.

21. From the following particulars prepare Subsidiary books.

2016 Rs.
Feb 1 Sold goods to Aparna 10,000
2 Anupama purchased goods 20,000
3 Sold goods to Aradhya 30,000
15 Purchased goods from Anitha 60,000
20 Sold goods to Apurva 40,000
28 Purchased goods from Avani 50,000
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V. Answer any ONE of the following 1 X 10 = 10

22. Prepare Triple Column Cash Book of Kalyan from the following.

2016 Particulars Rs.

April 1 Cash Balance 28,000
Bank balance 30,000
5 Cash sales 5,000
6 Paid into Bank 25,000
8 Received cash from Mohan 2,000
Cheque 2,900
Full settlement of 5,000
10 Cash withdrawn from bank for office use 2,000
18 Bought Machinery paid by cheque 10,000
21 Received commission 800
25 Cash purchases paid through cheque 4,000
30 Paid to Vardhen by cheque 7,900
(in full settlement of Rs.8, 000)

23. From the following particulars of Ramoji Rao Prepare Bank Reconciliation Statement as it
would appear on 31-3-2017

1. Debit balance as per pass book Rs.15,600.

2. Cheques deposited into the bank for collection were Rs.3, 560 but they were not credited
by the bank by 31-3-17.
3. Out of the cheques issued in the month of March for Rs.4,800, cheques amounting to
Rs.1, 200 have been presented for payment before 31-3-17.
4. Bank commission Rs.75 which has been debited in the pass book has not been recorded
in the cash book.
5. The relevant entries for the amount collected by the bank as interest on debentures
Rs.215, can not be seen in cash book.
6. Rs.305 cheque was sent to bank for collection. This cheque was dishonoured. Information
was not supplied by the bank before 31-3-17.
I. Answer any FIVE of the following questions. 5 X 2 = 10
24. What is ‘Capital’? 25. Single Entry System?
26. Write Journal Entries in the books of Basi Reddy.
2016 Aug 1 Commenced business with Rs.50,000
2016 Aug 2 Paid into bank Rs.15,000
2016 Aug 3 Withdraw cash from bank for personal use Rs. 1,200
2016 Aug 5 Paid for postage Rs. 125
2016 Aug 7 Incurred sundry expenses Rs. 40
2016 Aug 9 Withdrew cash from bank Rs. 1,500
27. What is ledger? 28. What is contra entry?
29. From the following information. Write down the opening entries in the books of
Narayana as on January 1st 2018.
Cash in Hand - Rs.4, 000 Cash at Bank – Rs.13, 000 Loan from Ramesh . – Rs.6, 000
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Furniture & Fixtures – Rs.6, 000 Sundry Debtors – Rs.20, 000 Creditors – Rs.11, 000
Stock – Rs.27, 000
30. Pass Opening entry from the following balances.
Rs.
Machinery 20,000
Creditors 10,000
Debtors 12,000
Bills receivable 4,000
Outstanding salaries 1,000
Bills payable 3,000
Cash in hand 1,200
Cash at Bank 6,800
31. Prepare the Trial Balance from the following balances.
Rs.
Bills receivable 1,000
Sales 1,200
Purchase returns 300
Bills payable 800
Purchases 3,000
Capital 1,900
Sales returns 200

VII. Show the Trading, Profit & Loss Account and Balance Sheet of Mr. Nagur Bhasha as
on 31st March 2017 from the following Trial Balance. 1X 20 = 20

Particulars Debit Rs. Credit Rs.

Stock on 1-4-2016 4,500
Sales - 42,000
Returns outwards - 1,000
Returns inwards 2,000 -
Advertisement Expenses 4,600 -
Gas, water charges 1,800 -
Telephone charges 2,000 -
Bills receivable 7,000 -
Creditors - 8,000
Capital - 32,000
Drawings 1,400 -
General Expenses 900 -
Debtors 16,000 -
Bills payable - 2,500
Machinery 12,000 -
Furniture 6,000 -
Purchases 20,700 -
Cash in hand 1,200 -
Factory insurance 800 -
Loose tools 4,600 -
85,500 85,500
Adjustments:
1. Prepaid advertisements Rs.600/-. 2. Provide Rs.500 Bad Debts
3. Depreciate Machinery by 10%, Furniture by 5%
4. Outstanding Gas, Water charges Rs.200
5. Stock on 31-03-2017 Rs.22,000
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